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      October 1, 2016
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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Refinance Now with
Lendingtree! Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Best Mortgage Refinance Companies
  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?

TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

2016

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING TREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit
Site

4 stars
Quicken Loans

QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans. Read More... Visit
Site

3 stars
The Easy Loan Site

THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit
Site

3 stars
Loan App

LOAN APP

In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit
Site

2 stars
Rate Marketplace

RATE MARKETPLACE

Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list. Read More... Visit
Site

1.5 stars
Mortgage Search 123

MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit
Site

1 star
Lower My Bills

LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information. Read More... Visit
Site

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 

 

 

The 5 People Who Make Your Mortgage Refinance a Reality

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money. Refinancing your mortgage involves ...

Published:  Fri, 30 Sep 2016 11:07:00 GMT



Low appraisal for mortgage refinance

We are trying to refinance our mortgage, and the appraisal came back low. Now our loan to value ratio is lower than expected, and the closing fees are higher. We don't feel like the appraiser did his job correctly (more inside for details). We are pretty ...

Published:  Sat, 24 Sep 2016 14:59:00 GMT



CBN Advocates Investment in Housing Sector to Mitigate Recession

Answering reporters' questions in the just-concluded Africa's Housing Agenda, jointly organized by the African Union for Housing Finance (AUHF) and the Nigerian Mortgage Refinance Company (NMRC) in Abuja at the weekend, Emefiele suggested sustainable ...

Published:  Sat, 17 Sep 2016 17:39:00 GMT



Tanzania: Customers Find House Prices Inflated

Tanzania Mortgage Refinance Company CEO Oscar Mgaya told the BusinessWeek that improve access to mortgaging services has increased housing buying. According to him, the number of mortgage lenders has risen from three in 2009 to 21 in 2015. "The average ...

Published:  Fri, 30 Sep 2016 05:57:00 GMT



60% Housing Stock In Nigeria Is Imported - Aliyu

That federal government should recapitalise them is very good but I think they should be turned into a competing Mortgage Refinance Corporation. They should not be doing retail mortgage, this should be left with PMIs. That means that there will be two ...

Published:  Tue, 27 Sep 2016 20:20:00 GMT



Mortgage Rates Hit 10 Week Low

30-year fixed mortgage refinance rates are at 3.50%, and the 15-year fixed is at 2.75%. The rates quoted above were taken from the lender's website and can change at any time. They are not guaranteed. If you would like a live rate quote or if you have ...

Published:  Thu, 29 Sep 2016 13:19:00 GMT



Biometric verification machines installed at 54,000 retail locations

Progress on initiatives like Exim Bank, Mortgage Refinance Company and Pakistan Micro-finance Investment Company was shared with the council. The council noted that all levels of NFIS governance structure, including steering committee, expert committees ...

Published:  Tue, 27 Sep 2016 09:03:00 GMT



Refinance rates for Thursday, September 22

It makes sense when you can reduce the costs of the loan. Use this mortgage refinance calculator to see if you'll save by refinancing. The benchmark 30-year fixed mortgage rate has remained below 4% for 36 straight weeks. The record is 56 weeks.

Published:  Thu, 22 Sep 2016 05:27:00 GMT



Many policies, no houses

This policy includes the restructuring of the Federal Housing Authority (FHA) for the efficient discharge of its mandate; supporting the implementation of the mortgage liquidity facility through the operationalisation of the Nigerian Mortgage Refinance ...

Published:  Wed, 21 Sep 2016 16:19:00 GMT



 

 

 

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